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Crude Oil is Bearish, but Watch Gas Oil Major Formation 8/2/22

On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $115.13 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $107.05 from $23.45. We held exhaustion below with a $34.04 low and rallied $96.46. The trade above $45.21 warned of renewed strength—we have seen $85.29 of this. The trade above $52.24 has brought in $78.26 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $75.35.The break above $57.45-8.02 projects this upward $56 minimum, $101 (+) maximum. We have attained $72.48. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months. The trade above $80.03 brought in $50.47.The trade above $84.58-82 brought in $45.68. All of the above are ON HOLD.

On a shorter-term basis: The trade below $119.15 brought in $30.92 of pressure. The trade below $115.90 projected this downward $8.85 (+). We attained $27.67.We held corrective exhaustion within at $114.05 and rolled over $25.82.The trade below $111.00 brought in $22.77 of pressure. The trade below $105.73 brought in $17.50 of pressure. The trade below $104.48 (+1 tic per/hour) projects this downward $9.30 minimum, $17.40 (+) maximum. We attained $16.25.These are OFF HOLD. This warned of a bullish correction against the move down from the highs exceeding $9.83—we rallied $13.65 from the $88.23 low, but this may be complete. The trade below $99.24 brought in $6.82 of pressure. The decent trade below $97.18 (+3 tics per/hour) projects this downward $5.00 minimum, $10 (+) maximum. We have attained $4.76 so far. NOTE: we are either in the last stretch of the structure from the highs downward OR the beginning of a whole new bearish structure—if it is the last stretch, I would be wary of possible exhaustion below at $84.54-3.43. NOTE: Gas Oil broke below a major bearish formation, but if we break back above it, should see significant strength which will likely spill over in the complex.

NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold/Bitcoin complex. 'Decent penetrations' are specific amounts provided to clients daily as well. If you are interested, please feel free to reach out.

Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor

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